Colonial Properties sells 22,090 s/f freestanding light industrial building

Orange, CT According to Michael Richetelli, president and designated broker of Colonial Properties, Inc., the company has facilitated the sale of a light industrial property.

Kosta Eliopoulos, Realtor with Colonial Properties, Inc., represented the buyer, HIS Group, LLC, in the purchase of 283 Indian River Rd., a 22,090 s/f freestanding light industrial building situated on 2.5 acres. The property sold for $2.09 million.

The buyer acquired the property as an investment. The building is currently occupied by Kelvion Corp. and a business specializing in boiler parts.

The seller, PTNT Properties, LLC, was represented by Bruce Wettenstein, SIOR, managing partner of Vidal/Wettenstein in Westport.

The seller was represented by attorney Peter Ambrose of Ambrose & Strazza, LLC in Fairfield. The buyer was represented by attorney Nate Hakanoglu of Hakanoglu Law in West Haven.

“This was a very appealing industrial investment opportunity, which are in high demand and short supply. We were pleased to be able to present this property to our client and facilitate a successful negotiation and purchase”, said Richetelli.